- Changpeng Zhao posts on X for the first time in months.
- CZ supporters wished him well.
- The US Courts will sentence CZ this month.
The Department of Justice’s (DoJ) charges against Binance for money laundering, operating as an unregistered money transmitter business, and breaching sanctions in November 2023 triggered mass reverberations across the crypto landscape. Binance agreed to pay $4.3 billion in fines, while company CEO Changpeng Zhao (CZ) stepped down and pleaded guilty to money laundering to settle the charges.
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Although CZ remained relatively active on social media post-settlement, he went silent in December 2023. However, CZ has resurfaced on X, wishing everyone a Happy Chinese New Year in a boost to his supporters.
Changpeng Zhao Returns to X
Following a two-month hiatus from social media, Changpeng Zhao returned to X by wishing everyone a Happy Chinese New Year ahead of the celebrations starting on February 10.
The 2024 new year will usher in the Year of the Dragon, which is said to foster growth and abundance while setting the foundations for long-term success.
The responses to CZโs holiday message were generally positive, with many wishing him a happy new year. X influencer โdoncryptoโ asked CZ โwhen come back??,โ while the CEO of AltCryptoTalk, Sjuul, chimed in to say โWe really missed you.โ
Despite its brevity, CZโs message offered a sense of optimism for the year ahead despite lingering legal uncertainties stemming from the DoJ charges.
CZ Ordered to Stay in the US
In November 2023, CZ pleaded guilty to the DoJโs allegations of money laundering, paying a hefty $175 million bond to be released from custody ahead of his February 23 sentencing.
However, in December 2023, a federal judge ruled that Changpeng Zhao had not presented compelling โevidenceโ of his intention to return for sentencing. Consequently, the judge ordered him to remain in the US, citing his substantial wealth and absence of American connections.
โThe defendant has not established by clear and convincing evidence that he is not likely to flee if he returns to the U.A.E,โ stated the federal judge.
Throughout this period, CZ was active on X, posting various messages, including on stoicism, biotech research, and improving his health and diet. But these ended on December 9, with a post expressing thanks for the support amid the legal troubles.
On the Flipside
- CZ stated that pleading guilty to money laundering meant the DoJ would not pursue Binance for market manipulation or misappropriating user funds.
- Former BitMEX CEO Arthur Hayes, who pleaded guilty to violating the Bank Secrecy Act in May 2022, called the DoJ‘s actions “absurd” and “arbitrary.”
- The DoJ maintains that Binance turned a blind eye to wrongdoings, enabling illicit finance on its platform.
- Bank of America and JPMorgan were fined $30.6 billion and $13 billion, respectively, for their part in the subprime mortgage crash of 2008.
Why This Matters
While the jury is out on the motives behind CZโs aggressive prosecution, itโs worth noting that banks have faced worse charges than Binance without their CEOs facing justice. For CZโs supporters, the recent signs of life from the embattled crypto pioneer are a relief. Despite the uncertainty surrounding his fate, knowing that he remains spirited as he awaits sentencing provides a degree of reassurance.
Read more about Binanceโs bid to stamp out corrupt employees here:
Why Binance Is Offering a $5M Bounty to Out Shady Employees
Find out more on the legal technicalities Do Kwon used to evade extradition for the second time here:
Hereโs Why Do Kwonโs Extradition Was Blocked
